What the One Big Beautiful Bill Means for Your Taxes and How Steve Perry, EA Can Help
Understanding the New Tax Law for Individuals
The One Big Beautiful Bill signed into law by President Trump on July 4, 2025, introduces sweeping changes to the tax code that will significantly impact individual taxpayers. While many provisions build upon the 2017 Tax Cuts and Jobs Act, this new legislation includes both enhancements and new benefits designed to reduce tax burdens and promote financial flexibility for working families, seniors, and savers.
Among the most notable changes is the permanent extension of the individual income tax rate cuts from the 2017 law. Taxpayers can continue to benefit from the reduced brackets without worrying about them expiring after 2025. In addition, the standard deduction has been increased by $2,000 for single filers and $4,000 for married couples filing jointly. This means more of your income is protected from taxation right from the start.
The child tax credit has also been enhanced, rising to $2,200 per qualifying child. This provides a significant benefit for families with dependents. Seniors benefit from a new $6,000 deduction specifically available to taxpayers aged 65 and over, helping offset healthcare and living expenses.
Other temporary deductions were added for specific situations, including up to $25,000 for tipped workers and $12,500 for overtime pay. These deductions apply through 2028 and aim to recognize additional labor and economic contributions. A new deduction of up to $10,000 is also available for those purchasing American-assembled vehicles, encouraging domestic economic growth.
For those living in high tax states, the bill also temporarily raises the cap on the State and Local Tax (SALT) deduction to $40,000 for those earning under $500,000, though this cap will return to $10,000 in five years.
How Steve Perry, EA Can Help You Navigate the Changes
With so many new provisions and expiration timelines, understanding your tax obligations and opportunities under the One Big Beautiful Bill can be overwhelming. Steve Perry, EA at Books, Taxes and More offers professional tax planning and preparation services designed to help individuals make the most of the new law.
Steve begins with a comprehensive review of your current tax situation and identifies which deductions and credits you now qualify for. Whether you are a working parent, a senior on a fixed income, or a gig worker earning tips and overtime, Steve can build a personalized strategy to minimize your tax liability and maximize your refund.
As a federally licensed Enrolled Agent, Steve represents clients in all 50 states and stays up to date on the latest IRS regulations and legislative changes. He explains complex tax rules in clear terms and ensures all filings are accurate, compliant, and optimized for the best financial outcome.
Schedule a Consultation Today
Do not wait until tax season to find out how the new law affects you. Contact Steve Perry, EA today at Books Taxes and More to get ahead of the changes and take control of your tax future.
Call: 678-717-9818
Email: [email protected]
